报告期内，公司各下游应用市场需求结构分化明显，部分产品线的市场销售情况呈现较大幅度波动。受 益于近年来持续完善在高附加值市场的产品布局，并不断加强对新产品的推广、销售及综合服务力度， 公司DDR5SPD芯片、汽车级EEPROM芯片和高性能工业级EEPROM芯片的出货量较上年同期实现快速 增长，光学防抖式(OIS)摄像头马达驱动芯片搭载在主流智能手机品牌的多款中高端机型实现商用，产 品销售结构得到进一步优化，带动公司综合毛利率较上年同期增加2.46个百分点，较好缓解了部分下游 应用市场需求波动带来的影响，成为公司收入规模扩张和盈利能力提升的重要驱动力。 智通财经APP讯，聚辰股份(688123.SH)披露2025年度业绩快报，2025年度公司实现营业收入12.21亿 元，同比增长18.73%;归属于母公司所有者的净利润3.63亿元，同比增长25.01%。 ...

智通财经APP讯，聚辰股份(688123.SH)披露2025年度业绩快报，2025年度公司实现营业收入12.21亿 元，同比增长18.73%;归属于母公司所有者的净利润3.63亿元，同比增长25.01%。 报告期内，公司各下游应用市场需求结构分化明显，部分产品线的市场销售情况呈现较大幅度波动。受 益于近年来持续完善在高附加值市场的产品布局，并不断加强对新产品的推广、销售及综合服务力度， 公司DDR5SPD芯片、汽车级EEPROM芯片和高性能工业级EEPROM芯片的出货量较上年同期实现快速 增长，光学防抖式(OIS)摄像头马达驱动芯片搭载在主流智能手机品牌的多款中高端机型实现商用，产 品销售结构得到进一步优化，带动公司综合毛利率较上年同期增加2.46个百分点，较好缓解了部分下游 应用市场需求波动带来的影响，成为公司收入规模扩张和盈利能力提升的重要驱动力。 ...

格隆汇2月13日丨聚辰股份(688123.SH)公布2025年度业绩快报，报告期内，公司各下游应用市场需求结 构分化明显，部分产品线的市场销售情况呈现较大幅度波动。受益于近年来持续完善在高附加值市场的 产品布局，并不断加强对新产品的推广、销售及综合服务力度，公司DDR5SPD芯片、汽车级EEPROM 芯片和高性能工业级EEPROM芯片的出货量较上年同期实现快速增长，光学防抖式（OIS）摄像头马达 驱动芯片搭载在主流智能手机品牌的多款中高端机型实现商用，产品销售结构得到进一步优化，带动公 司综合毛利率较上年同期增加2.46个百分点，较好缓解了部分下游应用市场需求波动带来的影响，成为 公司收入规模扩张和盈利能力提升的重要驱动力。公司全年实现营业收入12.21亿元，归属于母公司所 有者的净利润为3.63亿元，分别较上年同期增长18.73%和25.01%，均创历史同期最好成绩。 与此同时，公司持续提升研发水平，全年研发投入达20,899.53万元，同比增长19.01%，为历史同期最 高水平。报告期内，公司凭借领先的研发能力，与牵头制定行业标准及产品规范的全球领先存储厂商合 作，率先推出配套下一代高性能存储设备的VPD ...

聚辰股份发布业绩快报，2025年度公司实现营业收入12.21亿元，同比增长18.73%；净利润3.63亿元， 同比增长25.01%。受益于近年来持续完善在高附加值市场的产品布局，并不断加强对新产品的推广、 销售及综合服务力度，公司DDR5 SPD芯片、汽车级EEPROM芯片和高性能工业级EEPROM芯片的出货 量较上年同期实现快速增长，光学防抖式（OIS）摄像头马达驱动芯片搭载在主流智能手机品牌的多款 中高端机型实现商用，产品销售结构得到进一步优化。 ...

Group 1 - The core viewpoint is that Juchen Technology has submitted its mainboard listing application to the Hong Kong Stock Exchange, aiming to create an A+H dual financing platform to seize opportunities in the storage industry, which may enhance the company's valuation expectations and liquidity attention [1] - The CEO indicated that the demand for DDR5 SPD chips is in a ramp-up phase, with significant volume expected in Q3 and Q4 of 2026, and the company is collaborating with Samsung Electronics to advance VPD chip design verification, expanding into the AI server and high-performance computing markets [1] Group 2 - The company's performance continues to grow, with operating revenue of 933 million yuan for the first three quarters of 2025, a year-on-year increase of 21.29%, and an adjusted net profit of 301 million yuan, up 25.9% year-on-year [2] - There is a structural improvement in profitability, with gross margin rising from 46.6% in 2023 to 59.8% in the first three quarters of 2025, and net margin increasing from 20.1% to 32.3% during the same period [2] - Growth drivers are primarily from the demand for SPD chips driven by servers and AI infrastructure, as well as the trend of domestic production of automotive-grade chips, although there is a concentration risk with the top five customers accounting for 59.3% of revenue in the first three quarters of 2025 [2] Group 3 - In the recent stock performance, Juchen Technology's stock price fluctuated by 0.48% over the last seven trading days, with a closing price of 149.22 yuan on February 12, 2026, reflecting a single-day increase of 0.72% [3] - The stock has seen a cumulative increase of 18.83% year-to-date, with a current price-to-earnings ratio (TTM) of 59.23, indicating market attention on the high prosperity cycle of storage chips [3] Group 4 - Industry analysis suggests that Juchen Technology benefits from the DDR5 technology iteration and the explosion of AI demand during the storage super cycle, with the SPD chip business being a core growth engine [4] - However, institutions like Goldman Sachs warn that rising storage prices may suppress consumer electronics demand, predicting a potential decline of 6%-10% in global smartphone shipments in 2026, which could pressure some of the company's consumer electronics chip business [4]

日前，上海高性能非易失性存储（NVM）芯片设计龙头聚辰股份正式向港交所递交上市申请，启动"A+H"双重上市布局。作为国产存储芯片领域的标杆 企业，聚辰股份凭借全品类产品矩阵与领先的市场地位，已在多个细分赛道实现国产替代突破，成为全球产业链中不可或缺的重要力量。 在汽车电子领域，聚辰股份突破海外技术垄断，成为国产车规级芯片的核心推动者，截至2025年底，是国内唯一可提供全系列车规级EEPROM芯片的供 应商，同时位列全球第三大汽车电子EEPROM供应商、中国第一大汽车电子EEPROM供应商。其车规级产品通过AEC-Q100 Grade 1认证，适 配-40℃~125℃严苛车载环境，可应用于ADAS、BMS等车载场景，随着智能汽车单车芯片用量提升，相关业务成为公司核心增长引擎。此外，在开环摄 像头马达驱动芯片市场，2024年前三大企业合计占据46.9%份额，聚辰股份以17.8%的份额位列行业第一，凭借聚焦时间短、体积小、误差率低的技术优 势，巩固了市场领先地位。 成立于2009年11月的聚辰股份，深耕芯片设计领域十余年，聚焦AI时代高速迭代的存储与混合信号芯片需求，构建了多元化产品矩阵，涵盖SPD芯片、 EEPR ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Insights - The company has shown steady growth in revenue and net profit for the first three quarters of 2025, driven by a continuous focus on high-value-added products and an expanding range of downstream applications [3][8] - The company is expected to achieve revenues of RMB 1.374 billion, RMB 1.771 billion, and RMB 2.267 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 454 million, RMB 632 million, and RMB 836 million [5][7] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of RMB 933 million, a year-on-year increase of 21.29%, and a net profit of RMB 320 million, up 51.33% year-on-year [8] - The gross margin for the first three quarters of 2025 was 59.78%, an increase of 4.93 percentage points year-on-year [8] - The company’s quarterly performance in Q3 2025 included revenue of RMB 358 million, a year-on-year increase of 40.7%, and a net profit of RMB 115 million, up 67.69% year-on-year [8] Growth Drivers - The company has successfully increased shipments of DDR5 SPD chips, automotive-grade EEPROM chips, and high-performance industrial-grade EEPROM chips, which have contributed to its growth [8] - The introduction of automotive-grade NOR Flash chips to leading automotive electronics Tier 1 suppliers and the deployment of optical image stabilization (OIS) motor driver chips in mainstream smartphone brands have mitigated the impact of fluctuations in consumer electronics demand [8] - The company is strategically positioned in the AI sector, with its SPD chips being essential components in server memory modules, and its WLCSP EEPROM chips being widely adopted in AI glasses [8]

Core Viewpoint - The company, Jucheng Co., Ltd., is a leading integrated circuit design enterprise in China, focusing on memory chips and has a mature technology and product line [1] Group 1: Business Performance - In Q3 2025, the company's revenue was 933 million yuan, ranking 28th in the industry, while the net profit was 310 million yuan, ranking 14th [2] - The industry leader, OmniVision Technologies, achieved revenue of 21.783 billion yuan, with the industry average revenue at 2.912 billion yuan and median at 1.156 billion yuan [2] Group 2: Financial Ratios - The company's debt-to-asset ratio was 6.21% in Q3 2025, up from 5.61% year-on-year, significantly lower than the industry average of 24.46%, indicating strong solvency [3] - The gross profit margin was 59.78% in Q3 2025, an increase from 54.85% year-on-year, surpassing the industry average of 36.52%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 48.55% to 17,600, while the average number of circulating A-shares held per shareholder decreased by 32.62% to 8,981.96 [5] - Hong Kong Central Clearing Limited became the third-largest circulating shareholder, increasing its holdings by 734,400 shares [5] Group 4: Analyst Insights - Huachuang Securities noted strong performance in Q3 2025, with rapid growth in high-value businesses like DDR5 SPD and automotive EEPROM chips [6] - The company is the only domestic supplier of mature and series automotive EEPROM, with expected price increases for DDR4 benefiting DDR5 SPD [6] - Huatai Securities highlighted revenue and net profit growth in the first three quarters, with Q3 2025 net profit reaching a historical high [7] - The company is projected to achieve revenues of 1.348 billion, 1.783 billion, and 2.327 billion yuan from 2025 to 2027, with net profits of 486 million, 621 million, and 884 million yuan respectively [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [22]. Core Insights - The company reported a revenue of 358 million yuan for Q3 2025, representing a year-over-year increase of 40.70% and a quarter-over-quarter increase of 14.07%. The net profit attributable to shareholders was 115 million yuan, up 67.69% year-over-year and 8.55% quarter-over-quarter [1]. - The growth in high-value-added businesses such as DDR5 SPD and automotive storage chips has significantly contributed to the company's revenue expansion and profitability enhancement, effectively offsetting declines in traditional business segments [7]. - The company is positioned as the only domestic supplier capable of providing mature and serialized automotive EEPROM chips, with successful market penetration into leading automotive electronic Tier 1 suppliers [7]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 1.369 billion yuan, with a year-over-year growth rate of 33.1%. The net profit attributable to shareholders is expected to reach 467 million yuan, reflecting a growth rate of 61.0% [3]. - The earnings per share (EPS) is forecasted to increase from 1.83 yuan in 2024 to 2.95 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 91 to 56 over the same period [3]. - The gross margin for Q3 2025 was reported at 59.03%, an increase of 3.86 percentage points year-over-year, while the net margin stood at 31.33%, up 5.15 percentage points year-over-year [7]. Market Position and Outlook - The company is expected to benefit from the ongoing recovery in the global semiconductor market, particularly from the increasing penetration of DDR5 memory and the domestic substitution trend in automotive EEPROM [7]. - The target price for the company's stock is set at 195.77 yuan, based on a valuation of 50 times the projected earnings for 2026 [7].

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a revenue of 933 million yuan for the first three quarters of 2025, representing a year-on-year increase of 21.29%, and a net profit attributable to shareholders of 320 million yuan, up 51.33% year-on-year [2][6] - The gross margin and net margin for the first three quarters were 59.78% and 33.25%, respectively, reflecting increases of 4.93 and 6.68 percentage points year-on-year [2][6] - The company achieved record-high revenue and net profit levels for both the first three quarters and the third quarter of 2025 [2] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 358 million yuan, a year-on-year increase of 40.70% and a quarter-on-quarter increase of 14.07% [2] - The net profit for Q3 was 115 million yuan, with a year-on-year increase of 67.69% and a quarter-on-quarter increase of 8.55% [2] Product Development - High-value products saw rapid growth in shipment volumes, particularly DDR5 SPD chips and automotive-grade EEPROM chips, which were successfully introduced to leading global automotive electronics Tier 1 suppliers [3] - The company has increased its R&D investment to 146 million yuan in the first three quarters, a year-on-year increase of 12.62%, marking the highest level in history [3] Future Growth Potential - The introduction of VPD chips is expected to open new growth opportunities, particularly with the rising demand for eSSD in the AI industry [4] - The company is projected to achieve revenues of 1.317 billion yuan, 1.783 billion yuan, and 2.391 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 450 million yuan, 632 million yuan, and 867 million yuan for the same years [4]